The exports from the country witnessed an increase of 13.97 percent during the first eleven months of the current fiscal year (2020-21) as compared to the exports of the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported.
The exports during July-May (2020-21) were recorded at $22.560 billion against the exports of $19.795 billion during July-May (2019-20), according to the latest PBS data.
The imports during the period under review also increased by 22.52 percent by growing from $40.849 billion last year to $50.048 billion during the first eleven months of the current fiscal year.
This is higher than the $42.4 billion target set by the government, and the target has been exceeded by $7.7 billion with one month of June still remaining before the end of the current fiscal year.
For the next year, the federal government has approved an increase in exports target of 5.3 percent, and an increase in imports is expected to go to around 10 percent for the upcoming fiscal year.
Read more: Pakistan’s exports increase in double numbers in last ten months!
Based on the figures, the country’s trade deficit increased by 30.56 percent during the first eleven months as compared to the corresponding period of last year.
The trade deficit during the period was recorded at $27.488 billion against the deficit of $21.054 billion last year, showing an increase of 30.6 percent compared to the same period last fiscal year.
It is worth mentioning that the government’s target for the deficit for the outgoing fiscal year 2020-21 was exceeded by $8 billion during the 11MFY21.
Meanwhile, on a year-on-year basis, the exports of the country increased by 18.48 percent during the month of May 2021 as compared to the exports of May 2020.
https://t.co/scUhZ35YCc Pakistan’s imports have crossed $50 billion in 11 months of the outgoing fiscal year – the second time in three years, posing a new challenge for the government as growth in exports remain less than half of the pace of increase in imports. Red flag 🚩
— Shahbaz Rana (@81ShahbazRana) June 9, 2021
The exports during May 2021 were recorded at $1.654 billion against the exports of $1.396 billion in May 2020, the data revealed.
The imports into the country increased from $2.857 billion in May 2020 to $5.299 billion in May 2021, showing a growth of 85.87 percent.
On a month-on-month basis, the exports from the country however decreased by 25.46 percent during May 2021 when compared to the exports of $2.219 billion in April 2021.
Read more: Pakistan’s exports to EU rise 17.4pc this year
Likewise, the imports into the country increased, dipped by 0.74 percent in May 2021 when compared to the imports of $5.260 billion in April 2021, the data revealed.
Courtesy: APP with addition from GVS